Buying Tips

Top 3 Tips for Home Buyers

The reality of being a home "Buyer" these days is far different from what it once meant. Gone are the days of limited information, few opinions, and no help. Now people are totally over saturated with information and access to endless "tips, tricks, and helpful ideas".

But here's the thing, a lot of those "tips and tricks" aren't relevant to you. Seeing a show about buying homes on TV is quite likely set in a different country, where the laws are different, the contracts aren't the same, and the whole process has fundamental differences. Taking a TV show for a professional opinion on real estate is a bit like watching The Bachelor for dating advice, things aren't exactly as they may seem on tv.

For instance, that things don't happen in 30 minutes. So to try and be a bit more helpful about what being a Buyer in this local market truly means, we have some of our very own top tips for you. They may be similar to ones you've heard before, they may be different, but they come from our day in and day out experience in our local market.

1: Get a Pre-Approved Mortgage

Yes, you've heard this one before, but seriously, its number 1 on our list for a reason. Now when we say get "pre-approved", we mean a full formal approval from a mortgage specialist. While starting online and using a quick mortgage calculator is a helpful guide-line, it is by no means your approval. Too often we see people rely on those numbers only to find out they didn't take into account their old student loan, their car payment, or whatever factor, and can't actually qualify for what they thought. Making an appointment and seeing the mortgage broker at your bank or a firm needs to be step one. This will give you a realistic value to go house shopping with and it will also lay out your monthly budget for your new mortgage, and help you establish your max budget and your comfort zone.

2: Form a Relationship with a Realtor

So, you've been pre-approved. You know your max budget, you know your comfort zone, and you know what you need to do to achieve the goal. Now it's time to find a Realtor, your Realtor. Many people make the mistake of cruising around and looking at different listings with different Realtors, never committing to anyone. What they don't realize is they are potentially hurting their future negotiations by talking with too many people, they aren't getting the full benefits of having a broker, and they aren't getting consistent advice or opinions.

Find a Realtor or a team that you like, that fits your personality and needs. Now is the time to have this professional listen to all your criteria, your concerns, your wants, and your needs, and for them to help you find and obtain what is best for you. Your Realtor should be a professional who acts like your consultant to give you advice, point out things you may not have realized, and ultimately broker a deal to find your new home or investment. This is what us Realtors do every day, and that kind of experience with buying and selling homes can't be matched by any friend or relatives advice, no matter how many times they've "bought and sold over the years". So find someone you like and trust, and start your search! A great relationship with a Realtor can last a lifetime.

3: Make a Need/Want List

Yes, you should make the list. Now, take a second LONG serious look at your list and really determine what are your needs, versus your wants. What are the most important things there. And no, they cannot all be the most important things. For instance; if you have kids, and them being in a specific neighborhood and school zone is by far and above your most important factor, then be sure to keep this in mind. Maybe a compromise of your want list for interior finishes needs to come into play. But remember, you can always change and improve the aesthetics of a home, but you cannot change the location, the land it's on, and the neighborhood it's in.

We all have our dream list, but when it doesn't come with our dream budget, many buyers can end up making choices based off of items they originally said weren't priorities while ignoring what had been the basis of the move to begin with. Of course priorities and criteria change and evolve along the way, but it's important to have given it some thought. If you're buying with a partner or family, then it's even more important to have the discussions before you start. This can help avoid some of the stress buying a home can create, and will help your Realtor to make a more personally tailored search for you to see.

Now that you have these three major steps down you can confidently look at Real Estate with your Realtor and make a decision on what best suits your needs. You're Realtor will guide you from here, but make sure to ask questions when you have them, and be honest with your Realtor about your motivations and situation. This is how you will achieve the best end results.